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Managerial Accounting - The Ultimate Beginner Course!

Learn Managerial Accounting the Easy Way

3.0
(1 rating)

Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.

Students can begin right away, all you'll need is a calculator, pencil and paper!

Description

Learning Managerial Accounting doesn’t have to be a chore! It can be a fun experience. Throughout this course, you will learn accounting the easy way. Through engaging videos using fun graphics and animations, you will master Managerial Accounting in no time…and have fun too!

Did you know Accounting is considered the “Language of Business?” Well Hi! I’m Nathan and I’ll be your Accounting Translator.

With Over 7 years experience helping college students pass their accounting classes, I’m now teaching accounting to everyone! I hand-picked my best videos and decided to create an accounting course just for you. Introducing, Managerial Accounting – The Ultimate Beginner Course!

Watch as I take you from the Cost Basics, to Job Costing, Variances, Return on Investment, Net Present Value and much much more! With over 10 hours of content, you can re-watch the videos as much as you need for extra practice. This is a comprehensive course designed to help students succeed!

By the end of this course, you will possess such a strong understanding in managerial accounting that you can get that promotion, build your business, and make smarter business decisions. By learning the accounting basics, your skill set will be desired by many employers. This will make finding a job so much easier!

Ask a few of my former students:

Nathan’s videos are so helpful. I could watch them anytime, day or night. I love Accounting University. Very Convenient! ” - Kelly L.

"Nathan uses real world examples in his videos that helped me understand all the tricky stuff. Nathan is awesome!" – Staz R.

Say goodbye to high priced courses from colleges. You can become a Managerial Accounting pro for the lowest cost.

Why do things the hard way? Learn Accounting the Easy Way!

Who is the target audience?

Small Business Owners Wanting to Enhance their Accounting Expertise

Employees looking to better Understand Financial Reports in the workplace

Entrepreneurs Looking to Make Better Business Decisions

Students who want to Improve their accounting skills to get a good job!

In this video, I give you a nice introduction to this class: Managerial Accounting. Managers are always on the lookout to make better decisions. I give you some important terms you must know to better understand this type of accounting. Take a look!

Every product follows a 5 step process to reach the customer. In this video, I show you a familiar example to help you better understand the value chain. Not only that, I'll lay out the 5 steps along with a really cool graphic. Check it out!

Value Chain - How It Works!

03:30

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

What is Managerial Accounting - Practice with Me!

00:11

What is Managerial Accounting - Let's Practice!

07:42

+–

Basics of Managerial Accounting

14 Lectures
01:03:16

In this video I run through some great foundational concepts you have to know for this class. What are costs anyway? Well today I will show you the difference between cost and price, cost objects and opportunity costs. Really good stuff. Take a look!

Different Types of Costs - What are They?

08:58

Now we get into some specific types of costs which will help you better understand the differences. In this class we go through so many different types so let's start with direct vs. indirect costs. In this video, I introduce you to the main differences with a cool example. You'll see why direct costs are traced and indirect costs are allocated. Check it out!

Download and Print this word doc before you start watching the “Let’s Match” videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Direct vs Indirect Costs - Let's Match Questions

00:11

Fixed Costs, Opportunity Costs, Variable Costs, Indirect Costs...So many terms we cover in this video! Practice with me as we go through a very important matching exercise. This will help you understand the different types of costs you'll see in this chapter. Take a look!

Direct vs Indirect Costs - Let's Match!

08:16

I whipped up this helpful graphic as a visual aid to clearly distinguish Period and Product Costs. Download it and have it with you as you watch the lessons and practice questions!

Period Costs vs. Product Costs - Helpful Graphic!

00:01

Do know the difference? If not, that's ok! In this video I break down the main differences between product and period costs. A great rule of thumb: Product Costs → Factory; Period Costs → Office Building. Check out the video to learn more!

Period vs Product Costs

05:15

Download and Print this word doc before you start watching the “Let’s Match” videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Period vs Product Costs - Let's Match Questions

00:11

So as you know, product costs are related to your output and period costs are everything else. Now we go through some real world examples as match product and period costs to the correct event. Super helpful!

Period vs Product Costs - Let's Match!

05:56

Variable means "dependent." It depends on something else. In this video I show you exactly how this works. We go through the three primary types of variable costs: Direct Materials, Direct Labor, and Variable Overhead. From there I give you an awesome example that clearly lays how Variable costs can fluctuate based on units produced. Check it out!

What are Variable Costs?

07:59

Prime Costs and Conversion Costs are great formulas you must know. In this video I show you the main differences between the two. You'll also understand more why conversion costs is basically "costs that need to be converted." I'll show you a little trick on how this works.

Prime vs Conversion Costs

02:28

There are many types of Fixed Costs. In this video, I show you the main differences between Fixed Costs and Variable Costs. Not only that, but I introduce you to the tricky concept of Relevant Range. I show you a cool graph that will help illustrate this concept. But don't worry if you don't get relevant range now, we'll revisit this later in the Cost Behavior chapter.

What are Fixed Costs?

05:49

Download and Print this word doc before you start watching the “Let’s Match” videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Direct Materials, Labor and Overhead - Let's Match Questions

00:11

The three biggest types of costs in this class. Now we go through some helpful examples. Overhead is the most difficult for sure. I even throw in a few selling and admin costs. So practice with me here as we lay the foundation for the remaining chapters. Very helpful matching exercise. Start Practicin!

Direct Materials, Labor and Overhead - Let's Match!

07:40

More Matchin with DM, Labor and Overhead. What if you produce furniture, what's glue considered? How bout the wood? These questions and more will be answered as we continue practicing. Start watchin!

Direct Materials, Labor and Overhead - Let's Match! Pt.2

06:17

+–

Cost of Goods Sold

9 Lectures
44:04

This is the very first step in calculating cost of goods sold. I broke down cost of goods sold into 4 videos to make it easier to digest. Each video will contain a set a formulas that will carry forward to the next video. In this first video, I show you how to calculate Manufacturing Cost. You will take your product cost and add a little spice to it to help it fit within cost of goods sold. Definitely get your notepad out for this one!

Manufacturing Cost - 1st Step!

06:53

Now we move on to the 2nd step of cost of goods sold. How do we calculate Cost of Goods Manufactured? This is an important step. I introduce you to the concept of work in process and show you an example so you can better understand the calculation. Check it out!

Cost of Goods Manufactured - 2nd Step!

03:26

In this brief video, I show you exactly how to calculate cost of goods available for sale. I'll show you a helpful example so you can better understand why it's called "available for sale." Watch away!

Cost of Goods Available for Sale - 3rd Step!

03:08

And now for the final step: Cost of Goods Sold. Now you can combine your knowledge from the previous 3 videos. Figure out the last step to calculate Cost of Goods Sold. In the next video, we'll tackle a big problem. Take a look!

Cost of Goods Sold - 4th Step!

02:49

Download and Print this word doc before you start watching the illustration videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Cost of Goods Sold - Let's Illustrate Questions

00:11

Now we go through the entire Cost of Goods Sold formula in one big problem! First we calculate COGS then we plug it into an income statement so we can figure that operating income. Such a helpful video. Go ahead and start watchin, you'll need to know it!

Cost of Goods Sold - Let's Illustrate!

12:29

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Cost of Goods Sold - Practice with Me!

00:11

Let's take our COGS knowledge and practice some MC questions they might throw at ya on your tests. Now we break down topics within their own question such as calculating DM used, cost of goods manufactured, important terms and much more. Take a look!

Cost of Goods Sold - Let's Practice!

09:03

This is a great continuation of Part 1. We continue tackling a huge problem where we nail down each component of COGS. We get all the way down to calculating operating income. Gotta watch it!

Cost of Goods Sold - Let's Practice! Pt.2

05:54

+–

Cost Behavior

11 Lectures
59:25

Remember Fixed Costs from a few chapters ago? Well in this video we review fixed costs but we also talk about some cost behavior stuff. We see how Fixed Costs in total and how Fixed Costs per unit are affected based on units produced. Super helpful stuff. Take a look!

Fixed Costs and The Relevant Range

06:59

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Fixed Costs and The Relevant Range - Practice with Me!

00:11

These are awesome conceptual questions over Fixed Costs and the Relevant range. I give you examples of fixed costs, dive even deeper into the relevant range and much much more.

Fixed Costs and The Relevant Range - Let's Practice!

09:58

Sometimes companies expand and need to purchase more fixed assets. Do their costs change? Definitely! But how does it work? Watch this video to learn more about mysteries of Fixed Costs.

Fixed Costs and The Relevant Range - Let's Practice! Pt.2

05:34

In this video, we go through the two main cost formulas for this class: Total Variable Cost and Total Cost. I show you the formulas for each and some really helpful examples. This video will help you understand this chapter much better. Check it out!

Cost Formulas

04:37

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Cost Behavior - Practice with Me!

00:11

Practice with me as go through general Cost Behavior problems. What happens to variable costs if you produce more units? What is a mixed cost? These questions and much more will answered. Take a look!

Cost Behavior - Let's Practice!

11:37

Alright! In this video I show you the infamous high low method. This method is ideal for separating Mixed Costs into Variable and Fixed Costs. I go through the formula to calculate both the variable rate and the fixed costs. Then we bring it all together with an example. Special Note: You gotta take notes throughout because numbers will be carried forward to the next slides. So make sure you're writing numbers down so you don't get lost. Good luck!

High Low Method - How Does It Work?

07:32

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

High Low Method - Practice with Me!

00:11

High Low Method is a great method to separate fixed costs. We go through some helpful questions involving lease payments, finding the highest activity and variable costs. Then we get the fixed costs. Lots of stuff in this one. Gotta take notes.

High Low Method- Let's Practice!

07:52

Regression Method you say? Yep. We didn't have a lesson on this one but I'll show ya in this vid it's not too tough. The formula is pretty straight forward. It's just another way to analyze cost behavior.

Regression Method - Let's Practice!

04:43

+–

Cost-Volume Profit

14 Lectures
01:10:12

Here is a very helpful PDF! I compiled all the formulas you'll need for this chapter. From Contribution Margin to Operating Leverage. Keep this with you as watch the videos in this chapter. Check it out!

CVP Formula Sheet!

00:11

A great way to think about Contribution Margin, It's the Profit that "Contributes" to paying off Fixed Costs. In this video I'll show you all you need to know about contribution margin. We'll go through the primary formula and some really helpful examples. Take a look!

Now we talk about the main differences between these two statements. I'll give you a hint, they both end in Operating Income. However there are a lot of differences in between. You must know how these statements are calculated before we can go through test questions. Check it out!

Contribution Margin vs Gross Margin Income Statements

05:44

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Contribution Margin Ratios - Practice with Me!

00:11

Ratios are a great way to understand the contribution margin income statement. In this video, we discuss contribution margin ratio, variable cost ratio and how CM ratio is manipulated if selling price changes. Great video!

Contribution Margin Ratios - Let's Practice!

11:52

So why are companies so concerned with Breaking Even? Well in this video, I show you exactly how to calculate break even point in units. First we go through the break even concept and formula then we tackle a helpful example. Take a look!

Break Even Point in Units - How to Calculate?

00:11

Now that we know how to calculate break even point in units, how do we calculate BE point in Sales? Companies want to figure out how much sales they must earn to cover their costs. Well we're still gonna use the formula method but the denominator now changes. Get out your notepad and check out this video!

Break Even Point in Sales - How to Calculate?

04:34

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Break Even Point - Practice with Me!

00:11

In this video, we tackle both Break Even Point in Sales and Units as we go through some very helpful multiple choice questions. There is even one question that uses % instead of dollars and you gotta calculate break even point in sales. Tricky stuff. Take a look!

Break Even Point - Let's Practice!

08:53

Not gonna lie, this concept is very tricky. In this video, I show you my 4 steps to tackle BE Point in Bundles. Sometimes companies sell their products in bundles (grouped) to a cheaper price. Now we gotta figure out how to get the BE point. Make sure you’re taking notes on this one, there a few calculations. Good luck!

Break Even Point in Bundles - How to Calculate?

07:20

Now we practice what you learned in the previous lesson. Learn how to grab the sales mix and calculate contribution margin per bundle. There are also many steps in between. Excellent practice problems to help you better understand Break Even Point when there are multiple products.

Break Even Point in Bundles - Let's Practice!

11:31

What if Companies want to make a specific amount of income? Well in this video,we discuss how companies will achieve their financial goals through target income. We go through the formula then I illustrate this concept to you through a helpful example. Make sure to get out your formula sheet as you watch along. Take a look!

How to Achieve Target Income?

05:20

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

How to Achieve Target Income - Practice with Me!

00:11

Ooo we go through some really helpful questions in this video. We figure out how many units and how much sales revenue earned to achieve a target income. We practice through multiple problems including additional concepts like Margin of Safety and Degree of Operating Leverage. Take a look!

How to Achieve Target Income - Let's Practice!

09:09

+–

Job Costing

12 Lectures
01:23:52

In this video, introduce you to the concept of Job Costing with some helpful examples. Not only, that you'll get a nice illustrative comparison between job costing and process costing. Check it out!

What is Job Costing?

03:46

Normal costing is the preferred method used by internal accounting. It involves more estimates which yields are more accurate record of Overhead. In this video, I break down the main differences between these two methods. Take a look!

Actual Costing vs Normal Costing

02:43

And now for my famous Overhead Video! Students love this video because it lays out the how to apply overhead in 5 easy steps. I go through each step with a full example so you can understand exactly how to apply overhead in job costing. This is a must see. There are so many test questions where you will have to follow this process. Get to watchin and make sure to take notes!

How to Apply Overhead - 5 Easy Steps!

09:39

Ever heard of a Time Ticket or Job Order Cost Sheet? Well in this video, I show you the important documents you must know for Job Costing. For every job, a company must track the labor time, materials cost etc. So in this video, I go through the main documents in a job cost flow. Definitely take notes so you can understand how it works. Check it out!

Job Costing - Important Documents!

04:57

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Calculating Job Costs - Practice with Me!

00:11

Get Ready to Practice with me! This a big video series where cover everything you need to know about job costing. In this video we go through some of the foundational concepts of job costing, stuff like Overhead, Normal Costing and a huge problem where we try to figure out Direct Labor hours when Applied Overhead is given to us. That one is super tough. Start watchin!

Calculating Job Costs - Let's Practice!

08:55

Now we start nailing out important stuff on Overhead Variances, Applied Overhead, Predetermined Overhead rate and more. I start a huge problem on specific company and all their various jobs. This one is tricky but I'll show you how to attack it.

Calculating Job Costs - Let's Practice! Pt.2

11:15

Continue with me as we finish up the problem we started in Pt. 2. How many jobs are still in Work in Process? How many were finished and sold? We also plug it in in to get the selling price and operating income. Make sure to take notes.

Calculating Job Costs - Let's Practice! Pt.3

11:23

Download and Print this word doc before you start watching the illustration videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Calculating the Job's Cost - Let's Illustrate Questions

00:11

From A to Z, I'll show you every step of the job cost flow. This big problem has multiple jobs you have to account for. I'll illustrate to you the flow so you can better understand this job costing. We go through and categorize jobs into WIP, Finished Goods and Cost of Goods Sold. We even apply overhead to each job and calculate the unit cost. Take a look!

Calculating the Job's Cost - Let's Illustrate!

09:34

This video is a continuation of Part 1. This problem is great for anyone still confused on job costing. You must keep practicing so you can improve.

Calculating the Job's Cost - Let's Illustrate! Pt.2

07:52

Now I illustrate the Job Cost Flow in journal entries. You must watch the previous two videos first for this one to make sense. We use all the numbers from those videos. When you request materials, how does the journal entry look? Or how about Actual Overhead? I show you some awesome T Accounts so won't get too lost. Take a look!

Calculating the Job's Cost - Journal Entries!

13:26

+–

Absorption Costing vs Variable Costing

10 Lectures
51:14

And now welcome to Variable Costing. First we'll go over some unique traits, then I show you the Contribution Margin Income Statement. From there we'll tackle a brief example so you can see exactly how the this type of income statement is written. Take a look!

Variable Costing

04:22

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Variable Costing - Practice with Me!

00:11

In this video, we go through some awesome problems involving calculating Variable Cost of Goods Sold and a full Contribution Margin Income Statement. Not only that, I give you the inside scoop on some foundational concepts of variable costing. Definitely worth it to take notes. Check it out!

Variable Costing - Let's Practice!

08:11

More practice here as we tackle a huge problem where we get our unit costs and apply to cost of goods sold. Then we get all the way down to calculating operating income. Make sure to watch this one!

Variable Costing - Let's Practice! Pt.2

08:04

Now that we're done practicing with Variable Costing, let's take on Absorption Costing! Now you're probably asking what do we absorb? Well in this video, I show you some interesting characteristics, the Gross Margin Income Statement and we go through a helpful example. Go ahead and start watchin!

Absorption Costing ( Full Costing )

03:44

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Absorption Costing - Practice With Me!

00:11

In this practice video, we use similar numbers from the Variable Costing video but we now Absorption costing. What's that mean again? We now we "absorb" fixed overhead into our cost of goods sold. Practice with me here as I show you how to get the unit costs, cost of goods sold and operating income.

Absorption Costing - Let's Practice!

11:57

Ha I know you love when I say this: Get out those Notecards. In this video, I go through the various cost and income differences between Variable and Absorption Costing. What costs are classified as Cost of Goods Sold for Absorption? What happens if you produce more goods than you sell, which which method yields a higher income? Learn that and much more. Check it out!

Cost and Income Differences - Notecards!

03:54

Download and Print this word doc before you start watching the short answer videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Absorption Costing vs. Variable Costing - Short Answer Questions

00:11

And now we tie it all together! In this short answer problem, we use one big dataset and calculate both Variable Costing and Absorption Costing. This will give you a great comparison and see how their cost of goods sold differ and how their operating incomes differ. Get out your notepad for this one, make sure you follow along with me!

Absorption Costing vs. Variable Costing - Short Answer!

10:29

+–

Management Decision Making

17 Lectures
01:42:20

Let me ask you, how do you make tough decisions? Know it or not, but I bet you're following a few of these steps you'll see in this video. In this video, I take a nice break from Accounting and use a scenario most of you have experienced before. This will help you understand this chapter and lay down the foundation you need to do well. We tackle the 6 steps necessary to make a decision. Check it out!

In this chapter, there a ton of important terms you gotta know. What is a sunk cost? What's an avoidable cost? These and many more are written in this pdf. Take a look, it'll help you practice with me later!

Important Terms!

00:11

Now we tackle our first decision scenario. Should a manufacturing company make or buy their product? Well that's a good question right. In this video, I show the ins and outs of make or buy scenarios. We go through a helpful example and I even give you crazy hypothetical. You gotta check it out before you start practicing test questions with me. Check it out!

Make or Buy - Let's Decide!

04:33

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Make or Buy Decision - Practice With Me!

00:11

Whoo! And now my favorite set of questions. I love this chapter honestly. It can be applied to your daily life. So as you know from the previous lesson, managers in a mfg company have to decide to make the product in the factory or buy from an outside supplier. In this video, I show you a big problem where we figure out, if you decide to buy the product, what is the effect on income? We go through a lot of tricky steps to get to the answer. But I'll show you how to do it the easy way. Take a look!

Make or Buy Decision - Let's Practice!

12:39

More Make or Buy decisions. In this video, I'll show you another make or buy problem. It's a little simpler than the first video but now I throw a different type of variable at ya. What if you decide to rent out unused factory space? How does that affect your decision to make or buy? Check it out!

Make or Buy Decision - Let's Practice! Pt. 2

09:18

In this lesson today, I show you when manufacturing companies need to make a tough decision. They must decide to either accept or reject an order. You're probably thinking why is that tough? They should be accepting orders. Well this special order is at a low selling price. See how you make the decision whether to fulfill the order or reject. Take a look!

Special Order Decisions - Let's Decide!

05:19

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Special Order Decisions - Practice With Me!

00:11

So what happens if a company is under capacity? They just aren't producing enough. So if a potential buyer bends their ear to a large order. The manufacturing company must figure out if they should accept or reject the order. In this video, we go through a big multiple choice problem where I illustrate exactly how a manufacturing company will make that decision. Accept or Reject? Find out how in this video.

Special Order Decisions - Let's Practice!

07:45

Now we continue with another Special Order Decision problem. This one is trickier than part 1 because I throw a few different variables at ya that will impact your income statement. Please be taking notes throughout these videos and once go at your own pace. Pause the video if you need to then keep going. Take a look, you won't wanna miss it!

Special Order Decisions - Let's Practice! Pt. 2

10:05

So imagine you own a cow...and you can take milk and steak from that cow. How do you allocate the joint costs? Should you process that milk further into cheese? All great questions, right. Well in this video, I use a helpful example to help you understand this tricky sell or process further scenario. Take a look!

Sell or Process Further - Let's Decide!

07:13

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Sell or Process Further - Practice With Me!

00:11

You're gonna like this video! Today, we'll be figuring out should we sell the produce at split off or process it further. I show you how to allocate joint costs using the relative sales value method then from there we make decisions based on profit after processing a product further. Take a look!

Sell or Process Further - Let's Practice!

10:17

Now onto Part 2! We continue practicing Keep or Drop. In this video, I show you a cool problem involving Christmas Tree and Lumber. Should you refine the lumber or sell at split off? Take a look!

Sell or Process Further - Let's Practice! Pt. 2

07:02

Sometimes a company has a limited supply of resources. Which Resources? Well maybe it's machine hours, maybe it's electricity. Whatever it might be, they need to prioritize the most profitable products so they make the most money off a limited resource.

Constrained Resources - Let's Decide!

09:43

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Constrained Resources - Practice With Me!

00:11

What do you mean by constrained resources? Well as you learned in the lesson, sometimes companies are limited on certain resources. They need to prioritize production for products that earn the most per limited resource. In this video, I go through some awesome practice questions that will prep you more for your exams. You won't wanna miss it. Take a look!

Constrained Resources - Let's Practice!

10:05

+–

Standard Costing : Direct Material and Direct Labor Variances

8 Lectures
51:09

I'm sure you have standards, don't ya? Well I sure hope so. In this video, I show you what a standard is in a manufacturing settings. Companies must set standards for all the metrics to make sure they are hitting their mark. I show other basic terms you must know for this chapter: Variances, Favorable or Unfavorable and Output. Check it out!

What is a Standard?

07:17

Remember Variances? Well if you haven't seen my lesson on Standards, please watch that first. In this video, I show you how Direct Materials Variances work. We go through the Materials Price Variance and Materials Efficiency Variance (Quantity Variance.) How much are companies paying for their materials? Are they Wasteful? Start taking notes as we go through formulas and helpful examples for each. Take a look! P.S. I only go through the Formulaic method, not Tabular.

Direct Material Variances

09:18

And now onto Direct Labor Variances. For Labor Rate and Efficiency Variance, we focus on the workers. Are companies paying their workers well? Are workers lazy or efficient? In this video, discover both types of Variances, formulas, examples and even the causes of these variances. It's a really helpful video. Check it out!

Direct Labor Variances

08:12

And now for a trusty lil PDF that has all the important formulas. Go ahead and have it with you as you practice!

FORMULA SHEET!

00:11

Download and Print this word doc before you start watching the practice videos! That way as you watch me work out the problems, you can practice along with me. Make sure to take good notes. Treat this like your exam/quiz, it'll be a big help!

Direct Material and Direct Labor Variances - Practice with Me!

00:11

Ok! So in this video we go through various MC questions on how to calculate direct material and labor variances. Some are really tricky where they give you the variance and you gotta figure out a different variable. Get out your formula sheet and start taking notes!

Direct Material and Direct Labor Variances - Let's Practice!

09:21

As we continue practicing here, I give you lots of other types of problems you'll see on your tests. In this video, we go through more variance problems but now we're focusing more on unfavorable vs. favorable variances. I show you some cool tricks to easily distinguish between the two. Check it out!

Direct Material and Direct Labor Variances - Let's Practice! Pt. 2

10:17

This video is a continuation of part 2 problem. In part 2, we go through from A to Z, Materials Price Variance, Materials Efficiency or Usage Variance, Labor Rate Variance and Labor Efficiency Variance. Now, in this video, I show you how to calculate total variances and there is a good hypothetical question at the end. Check it out!

Nathaniel Garrett is an online teacher with a passion for seeing others succeed. He creates and designs courses for the modern entrepreneur. His goal is to provide entrepreneurs with tips and guidance on their journey toward financial freedom.

Along with being an entrepreneur, he has been teaching students and business owners the power of accounting for over 5 years now. He runs Accounting University, an online classroom where he helps college accounting students pass their accounting classes.

He is a business consultant, certified bookkeeper, and a successful online teacher. Nathaniel holds his bachelor's in Accounting from Texas State University. With his knowledge of Inbound Marketing, he knows exactly what you are looking for in a course. No fluff. Just the Essentials.

He lives in Austin TX where he enjoys live music, playing racquetball and tennis, and riding bikes around his neighborhood in Hyde Park.

Nathaniel loves to answer questions and thrives on student’s success. He believes life is about forming relationships. Feel free to contact him at any time. He would love to hear from you!